Guidewires Market Demand to Cross USD 1.2 Billion by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., April 6, 2020 (Newswire.com) - ​​Global Market Insights, Inc. has recently added a new report on the guidewires market which estimates the global market valuation for guidewires will cross US $1.2 billion by 2026. Increasing adoption of minimally invasive surgeries will drive the growth of the market in the coming years. The growing burden of lifestyle disorders will spur the need for development of advance guidewires such as hybrid guidewires. The introduction of novel cost-efficient materials such as nitinol will further boost the market demand, thereby augmenting the guidewires market growth during the analysis period.

Stainless steel material segment accounted for about 22% of the total market share. Stainless steel guidewires are traditional guidewires and are being utilized in a few of the underdeveloped economies due to cost constraints. Stainless steel offers more torque ability and push ability as well as good shape ability. However, due to its less-flexible characteristics, the adoption of nitinol guidewires has seen a spike in the last few years.

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Coated guidewires market is expected to reach a high CAGR of 5% through 2026. Guidewires are being coated with a polymer such as polytetrafluoroethylene (PTFE) or silicone. This helps in increasing the lubricity and thus can be easily facilitated in coronary and urological procedures.

Coated segment is further bifurcated into hydrophilic coating, anti-thrombogenic/heparin coating, hydrophobic coating, silicone coating, and tetrafluoroethylene (TFE) coating. Anti-thrombogenic/heparin coating is expected to register a moderate growth rate during the study period due to its efficiency in preventing the risk of blood clotting in varied applications.

Peripheral guidewires accounted for about 29% of the total market in 2019. Peripheral guidewires are utilized in assisting the placement of catheters in small vessel anatomy. Few of the peripheral guidewires being utilized across the healthcare settings include carnelian support (Biotronik), Victory Guidewires (Boston Scientific) and ASAHI Gladius, ASAHI Halberd, and Gaia PV peripheral guide wires (Asahi Intecc Co., Ltd.)

Research laboratories is expected to show a reasonable growth of 5% during 2020 to 2026. The rising incidence of target diseases coupled with the increasing population has demanded more research related to guidewires, for instance, the unexplored potential of guidewires in varied applications and novel materials specific to surgical and diagnostic procedures, among others. Thus, owing to the aforementioned factors, it is expected to contribute to the market growth.

Browse key industry insights spread across 250 pages with 504 market data tables and 11 figures & charts from the report “Guidewires Market Share & Forecast, 2020– 2026” in detail along with the table of contents: ​https://www.gminsights.com/industry-analysis/guidewires-market-report.

Guidewires market in the European region is expected to grow at a stable pace during the forecast timeframe. Major factor driving the European guidewires market is the availability of the latest technologies and medical equipment that are rarely available in developing regions. The adoption of a percutaneous coronary intervention procedure is increasing in developed as well as developing economies of Europe in the last few decades. Advanced guidewire systems improve precision and control of surgical procedure and offer patients a higher quality of operating interventions. Moreover, increasing coronary artery disease among European countries will favor industry growth in the region throughout the forecast timeframe.

Some major findings of the guidewires market report include:

• Maximum adoption of guidewires is being observed in the U.S. due to the increase in chronic diseases, favorable reimbursement scenario and an increase in the geriatric population.
   
• The recent approval of hybrid guidewires made from stainless steel, nickel and titanium have created many opportunities for the key market players.
   
• The advent of frictionless hydrophilic guidewires for urology application by companies such as Olympus USA and Boston Scientific has provided significant momentum to the industry.
   
• Major players have implemented business strategies such as novel product launch, acquisition and business expansion for increasing its sales revenue.

A few notable companies operating in the guidewires market include Boston Scientific Corporation, Medtronic plc, B. Braun Melsungen AG, Cook Group Incorporated and Olympus Corporation, among other players. Industry players are focusing on various strategies such as novel product launches, acquisition and business expansion to consolidate their market presence. For instance, in 2016, Stryker acquired SafeWire's product portfolio that includes Tiger Jamshidi Needle Family and Y-Wire guidewire.

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Partial chapters of report's table of contents (TOC):

Chapter 2.  Executive Summary

2.1. Guidewires industry 360º synopsis, 2015 - 2026

2.1.1.  Business trends

2.1.2.  Material trends

2.1.3.  Coating trends

2.1.4.  Application trends

2.1.5.  End-use trends

2.1.6.  Regional trends

Chapter 3.  Guidewires Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2015 – 2026

3.3. Industry impact forces

3.3.1.  Growth drivers

3.3.1.1.  Rising adoption of minimally invasive surgical procedures

3.3.1.2.    Increasing number of lifestyle disorders in developing countries

3.3.1.3.    Various reimbursement policies in developed countries

3.3.1.4.    Growing geriatric population base across the globe

3.3.1.5.    Technological advancements

3.3.2.  Industry pitfalls & challenges

3.3.2.1.  High cost of guidewires

3.3.2.2.    Dearth of skilled professionals in developing economies

3.3.2.3.    Risks associated with guidewires

3.3.2.4.    Preference of drugs over devices

3.4. Growth potential analysis

3.4.1. By material

3.4.2.  By coating

3.4.3.  By application

3.4.4.  By end-use

3.5. Porter’s analysis

3.6. Competitive landscape, 2019

3.6.1. Market structure

3.6.2.  Competitive matrix analysis

3.7. PESTEL analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Source: Global Market Insights, Inc.